In Vancouver, British Columbia, the price of a single-family home has soared so fast over the last few years that even many well-paid local workers have been pushed out of the city.
In Miami and New York, new luxury apartments are rising rapidly, often sold to anonymous buyers, sight unseen. In Melbourne and London, housing shortages have worsened even as recently purchased homes appear to be sitting vacant.
In each of these cities there are at least some indications that what is troubling the housing market can be traced elsewhere — to Russian oligarchs, Brazilian bank accounts, Chinese businessmen. It’s possible that foreign money isn’t just driving up prices for penthouses; it may also be distorting the market, to the detriment of lifelong residents.
